The price of cocoa beans has surged to unprecedented levels on the New York futures market, with one ton now costing over $10,000. This rise in price is due to disappointing harvests and a scarcity of cocoa in the market, exacerbated by weather phenomena like El Niño. Despite the high cost, investing in cocoa could turn out to be very profitable as prices have reached new records in recent months.
Investors are taking notice of this trend and are buying up cocoa beans at record prices. Poor harvests have led to a shortage of cocoa and this has caused prices to soar. In fact, the price of cocoa has surged by 186 percent in just a few months, even surpassing the growth rate of Bitcoin.
The impact of high cocoa prices is being felt particularly by Belgian chocolate producers. Belgium is the world’s second largest exporter of chocolate and poor harvests have led to a scarcity of cocoa beans in the industry. As a result, record prices are being set every week for chocolate, which means that consumers will soon be paying more for their favorite treats. Large companies in the industry have already indicated that they will be increasing prices to offset the rising costs of cocoa.
However, not all Belgian producers are taking this lying down. Companies like Libeert are taking steps to mitigate the effects of high cocoa prices by purchasing beans at times when prices are low. This ensures a steady supply for peak seasons like Easter and Christmas when demand is highest. Despite the challenges posed by high cocoa prices, the Belgian chocolate industry remains a major player in the global market and will continue to adapt as necessary to meet consumer demand.
